Flare Network Rolls Out Digital Asset For XRP Holders
Ripple has been making massive efforts to boost the XRP ecosystem and also to push the mainstream adoption of the digital asset XRP.
The firm has been seeing lots of achievements even in 2020 when we’re in the middle of a global crisis that has been triggered by the pandemic.
Flare Network rolls out a new digital asset for XRP holders
Now, it’s been just revealed that Flare Networks, a blockchain company backed by Ripple, is rolling out a new crypto asset for XRP holders.
In a new blog post, Flare Networks CEO Hugo Philion said that XRP holders other than Ripple can use their holdings to claim 1:1 amount of Spark tokens.
The digital asset works with the Flare network, which is designed to allow XRP holders to use smart contracts.
“The Flare Network is a new Turing Complete Smart Contract platform… integrating the Ethereum Virtual Machine. Its native token, the Spark, is generated through a utility fork of XRP. Furthermore, Flare uses the XRP encryption scheme, which can facilitate the usage of XRPL and Flare for XRP users,” according to the blog post.
The online publication the Daily Hodl notes that Spark serves as the collateral for the issuance of FXRP tokens – this is the fuel that powers smart contracts on Flare.
According to the same exec, the blockchain has a layer two solution that enables the “trustless issuance, usage, and creation FXRP.”
100 billion Sparks tokens to be created
It’s been also reported that XRP holders will be the ones who will benefit the most from this system.
The same online publication mentioned above noted that he says, “100 billion Spark tokens will be created to mirror the existing number of XRP.”
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Speaking of XRP, regarding the price of the coin today, at the moment of writing this article, XRP is trading in the green and the digital asset is priced at $0.284424.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.